Diminished Value?

[1redTA]

my 2010 Impala LT was involved in an accident, just a couple of sore necks, the rear bumper cover has a couple of scratches, gouges in the cover only cosmetic damage. the insurance adjuster is coming tommorrow to pay our auto claim and I do not know what the diminished value will be now my one year old vehicle has been involved in an accident.

My vehicle was the first in a row of 4 vehicles, I was stopped behind another vehicle ,<--- not involved, at a stop light and so where the two vehicles behind me. The driver who caused the accident was born in 95, the same year I graduated, it has not been ruled official but since we were all stopped when we were rearended it was the new drivers fault

what is a fair value for the diminished value or how should I go about figuring it out??

 

[btbsandman]

 

[Fedwrench]

I'm not sure what you're asking but, I doubt if your vehicle will be declared a total loss since the damage doesn't sound close to 75% of blue book value for your Impala. However there are foam impact absorbers under your bumper cover that when compressed, won't absorb an impact as well the next time. You want to get those replaced along with your bumper cover.

 

[nirion]

He is talking about the amount he is owed for his car now being worth less than one that was never involved in an accident. When he goes to trade/sell, a carfax will show an accident and they will pay less.

Some states don't allow diminished value, I would talk to your insurance company and see.

 

[VWandDodge]

He is talking about the amount he is owed for his car now being worth less than one that was never involved in an accident. When he goes to trade/sell, a carfax will show an accident and they will pay less.

Some states don't allow diminished value, I would talk to your insurance company and see.

Nothing is reported to Carfax unless a shop performs the repairs and reports that fact to Carfax.

 

[1redTA]

in the state of Alabama the police report list all the vehicles VIN numbers involved with the accident and they allow a payment for diminished value since it has been involved in an accident

As far as pics I am on my iPhone

 

[Junkman]

If it is just the soft bumper covering, there is no diminished value. Diminished value is usually calculated when there is structural damage that requires replacement of body panels. For the most part, insurance companies don't pay diminished value on vehicles unless they are extremely rare or valuable. The run of the mill cars, damage is expected upon trade in, and the trade in values recognize this. If you were driving a Viper, then you might get something, but a 2010 Chevy, I doubt it..

 

[NWphotog]

We got $6k when our new car was involved an accident plus the cost to fix the damage. We applied it to the car loan since we want it paid off asap.

 

[NWphotog]

If it is just the soft bumper covering, there is no diminished value. Diminished value is usually calculated when there is structural damage that requires replacement of body panels. For the most part, insurance companies don't pay diminished value on vehicles unless they are extremely rare or valuable. The run of the mill cars, damage is expected upon trade in, and the trade in values recognize this. If you were driving a Viper, then you might get something, but a 2010 Chevy, I doubt it..

Incorrect, all cars that are newer will qualify for diminished value assuming the accident wasn't your fault. The $ amount will be related to the amount of damage that needs to be repaired.

 

[buildmyown]

Every state has different laws in regards to diminished value check with your insurance company. In this case not worth it a repainted bumper cover is not going to hurt the value of the car. Find a good body shop to do the work and 99% of people will never even know it was painted.

As for who is at fault in Mass anyways its always the fault of the person who did the rearending. Again different states have different laws. Again my good money says its her fault 100%.

Carfax is a joke ive seen reports that show a car was a total but yet had no evidence of ever being hit or in flood fire ect. and I have also seen the oppisate as well. Cars that were in major accidents and had a lot of body work done but doesnt show on carfax. It show one of my cars as TMU because someone doing my inspection sticker entered the wrong mileage. I could fight it if I want but not worth my time.

 

[1redTA]

diminished value is needed in case I go to sell or trade in the vehicle, would you pay full price for a vehicle with an accident history? I wouldn't

 

[buildmyown]

Depends on the extent of the accident a repainted bumper cover wouldnt bother me at all if the damage went into the trunk floor or rear panel then yeah it would. I have to remember that im not in the norm since this is the type of work i do every day and can tell the whole history of a car just by looking at it.

Also if im not mistaken it has to be over a certain doller amount for it to be reported to carfax.

 

[41ratrod]

why not take pictures of the bumper and keep them in the car to show ,
if anyone ask about damages . A good body shop can replace it and no one
will every no it happen.

 

[Junkman]

We got $6k when our new car was involved an accident plus the cost to fix the damage. We applied it to the car loan since we want it paid off asap.

What was the vehicle and its original cost? When did this happen in relationship to the cars age? What was the cost to repair the vehicle. What state did this happen? Was it reported to Carfax?

 

[jstroede]

I have been paid in a diminished value claim before, but like was stated, every state is different. I had a 1 year old Ford Freestyle that someone crossed the center line on and it received about $8000 in damage. I received $1800 in addition to the cost to fix in a diminished value claim.

John

 

[Krash Kadillak]

Ballpark figure for DV is around 20% of the cost of the repairs. In your case though, There reallyshouldn't be any diminished value because everything will be repaired. Just because a vehicle has an 'accident' on its record doesn't mean it's going to be worth less. Thank the Lord you and your car wern't seriously damaged, and move on.......

 

[Grumpy365]

1redTA, please keep us posted on this one. You got me interested. I want to know how it turns out.

 

[cowboyjosh]

Growing up in the car business, I've come to learn that a new bumper cover is as common as replacing the windshield or other piece of glass. Like others said if there was structural damage to the vehicle you'd have something to worry about. Chevy Impalas while nice cars are pretty run of the mill and hold their own in value and your repair, like any repair, if done right will make very little difference at trade in; you'd have more of a DV issue if you simply let it go and not fix it.

BTW, there are very few cars on the road that haven't had some sort of body work and or glass replacement. In face at the Manheim Auctions there is a complete Reconditioning department that does nothing but minor repairs, detailing, and glass replacement.

 

[Big Top GT]

Diminished value claims are put in place to offset the perceived loss in value of a vehicle due to an accident.

Plain English: assuming an honest seller, none of us would pay the same amount of money for a car that's been involved in an accident compared to what we'd pay for one that was not.

States vary and I'm sure there's a lot of negotiating that can go on with the insurance company.

 

[Super Sport]

why not take pictures of the bumper and keep them in the car to show ,
if anyone ask about damages . A good body shop can replace it and no one
will every no it happen.

I don't understand why more people don't do this. Whenever an accident shows on a Carfax the seller always says that it was just a minor fender bender. Show me a picture or BS! I took pictures of my vehicle when it was damaged and the person I sell it to will get a copy of them. It's common sense to me.

 

[SuperSocket]

So was the new driver on her/his phone texting??

 

[1redTA]

We were offered $250 for diminished value and $948 for the bumper cover, I told them I need to visit the dealership and see what a salesman recommended before I accepted the $250. seems low to me since the car will not be accident free

 

[rwhite692]

We were offered $250 for diminished value and $948 for the bumper cover, I told them I need to visit the dealership and see what a salesman recommended before I accepted the $250. seems low to me since the car will not be accident free

That sounds like a new bumper cover + paint. Very minor repair. I can't remember the last time I saw any body shop job come in at less than a grand.

I'm surprised that they are even offering you the $250.

 

[buildmyown]

$948 for "the rear bumper cover has a couple of scratches, gouges in the cover only cosmetic damage."

For sure it sounds like they wrote it for a new cover and maybe blend times for the deck lid and 1/4's. Im going to check my crash books tomorrow at work and see what they call for. Sounds like you got a very generous insurance guy.

 

[trout]

I'm going through he** with Traveler's over a diminished value claim right now. My mint TrailBlazer suffered $9,100 of damage so I feel your pain. But honestly, a new bumper cover wouldn't diminish the value to a reasonable buyer. If the offer will cover repair and rental for the two days it'll be in the shop I'd take it. However don't accept anything till you verify that there's no damage under the bumper cover.

 

[patrick66]

Carfax is pretty useless, as described above. Just for giggles, I ran the numbers on my '89 BMW ragtop that got totalled in a tornado eight years ago. I parted the **** out of it and hauled the remains over the scales. It still shows up as an existing car, with no registration since 2004. It was crushed by a concrete wall, so I know no one has it on the road anywhere.

 

[NWphotog]

We were offered $250 for diminished value and $948 for the bumper cover, I told them I need to visit the dealership and see what a salesman recommended before I accepted the $250. seems low to me since the car will not be accident free

Seems pretty fair assuming they will be responsible for hidden damage. They are probably a little low on DV. I'd asked for $500 and see how much they'll come up.

 

[buildmyown]

Going by the mitchell crash book they sure did write it for a new cover and then some.
Bumper Cover $535.55 1.9hrs R&I 2.9 Refinish
Impact Bar $144.98 0.4hrs R&I 1.0hrs refinish
Plastic Absorber $166.64
Parts Total $847.17
Labor total 5.8 hrs at $35/hr max allowed by Mass law varies by state $203

Total $1050.17 so a little more damage then you first thought

 

[1redTA]

Going by the mitchell crash book they sure did write it for a new cover and then some.
Bumper Cover $535.55 1.9hrs R&I 2.9 Refinish
Impact Bar $144.98 0.4hrs R&I 1.0hrs refinish
Plastic Absorber $166.64
Parts Total $847.17
Labor total 5.8 hrs at $35/hr max allowed by Mass law varies by state $203

Total $1050.17 so a little more damage then you first thought

it was wrote for a reproduction bumper cover (Farmers would do new if less than 12000 miles) the cost of the paint and application of the paint I don't have the sheet with me at work so I can't provide actual numbers. But NO other parts.

I am taking it to the GM body shop in the morning for a quote and discussion of diminished value

 

[buildmyown]

it was wrote for a reproduction bumper cover (Farmers would do new if less than 12000 miles) the cost of the paint and application of the paint I don't have the sheet with me at work so I can't provide actual numbers. But NO other parts.

I am taking it to the GM body shop in the morning for a quote and discussion of diminished value

Damb that insurance guy has a heavy hand then. I am surprised about the repo cover but thats where all insurance companys and states have different laws. I think Mass says if the car is 3 years or newer no mileage limitations you can write for new factory parts older then that you can write used or repo parts.

If it were me id talk to a good body shop and see if they can fix your cover for the money the insurance company gave. Repo covers fit like ****. Might come out ahead a little or could be a wash with the difference in labor vs parts cost. Yeah forgot about the cost of paint and other shop supplies and how expensive paint is now.

 

[brownbagg]

value is how much you can screw somebody out of so even if a vehicle not in a wreck the value would go up and down depending on the area and how much someone want to pay for it. Since you have never said you was planning on selling, and since the car will be repair as good as new. it sound like you just want money. I guess your feeling are hurt and you want somebody to pay for it. Good thing insurance company will gladly pay for you to just go away.

 

[1redTA]

value is how much you can screw somebody out of so even if a vehicle not in a wreck the value would go up and down depending on the area and how much someone want to pay for it. Since you have never said you was planning on selling, and since the car will be repair as good as new. it sound like you just want money. I guess your feeling are hurt and you want somebody to pay for it. Good thing insurance company will gladly pay for you to just go away.

you know someone always comes into a thread name calling " just want money ". I want the vehicle I bought new, off the lot, to hold it's value and have ALL the safety features intact. My feelings are, the car did a great job protecting me and my family in a rear end collision and I want the var to perform the same if such an unfortunate incident happen again.
Please keep your distasteful comments out of my thread

 

[buildmyown]

value is how much you can screw somebody out of so even if a vehicle not in a wreck the value would go up and down depending on the area and how much someone want to pay for it. Since you have never said you was planning on selling, and since the car will be repair as good as new. it sound like you just want money. I guess your feeling are hurt and you want somebody to pay for it. Good thing insurance company will gladly pay for you to just go away.

Diminished value is a real thing and not a way of screwing anyone. Now if the OP just took all the money and didnt fix the car then yeah hes screwing people, but from what the OP has posted so far is to have the car fixed and fixed the right way back to factory condition and specs. Ive just never seen or heared of DV in a claim this small. Hell im pissed i never thought of it when I was in a wreck a few years back that did about $4,000 in damage.

Personally I think that $250 is a fair offer considering it was a minor hit and the only damage is the bumper cover. In my experience i dont see a repainted bumper effecting the value at trade in or time of sale. Considering a lot of people will have bumper covers painted before dale or trade anyways to help clean the car up.

 

[CamarosRus]

When my 06' MAZDA6i had around 1500 miles on it, I was involved in a collision caused by a driver running a red light. I agreed upon an amount to repair my car.

I then with the help of a lawyer went after the insurance company with a diminished value claim. I did receive several thousand $$ in an out of court settlement.

There is a carfax report on the incident and as I still own the vechicle I dont know what
will happen (value wise) when I sell/trade the car.

 

[BrokewrenchLS1]

“it sound like you just want money.”- brownbagg

This was completely uncalled for. OP purchased adequate coverage unlike all the uninsured and under insured drivers who don’t and then whine about not being covered. He paid his premiums every month specifically to safeguard his finances on a day like this and has the right to fight for what is his due. The purpose of auto car insurance quotes is to reimburse him in exactly this kind of situation, and there is nothing wrong with questioning whether or not the insurance company is doing right by him.

The only damage was a bumper cover. Once it's replaced and repainted, there's no "diminished value" here. It's a 2010 Chevy Impala, not a Ferrari - it's not going to be worth **** private party or trade-in in 5 years, anyway. (No, that's not a dig at the car - it's a generic GM four-door family car, they don't hold value too well).

If the car had severe damage, then sure, I could see claiming "diminished value" - a buddy got that on his car when it had $18,000 dollars of damage done to it, since it was one of the last of those cars to come off the assembly line. A scratched bumper cover on a family hauler? No.

 

[Bill Bowman]

Diminished value is a real thing and not a way of screwing anyone. Now if the OP just took all the money and didnt fix the car then yeah hes screwing people, but from what the OP has posted so far is to have the car fixed and fixed the right way back to factory condition and specs. Ive just never seen or heared of DV in a claim this small. Hell im pissed i never thought of it when I was in a wreck a few years back that did about $4,000 in damage.

Personally I think that $250 is a fair offer considering it was a minor hit and the only damage is the bumper cover. In my experience i dont see a repainted bumper effecting the value at trade in or time of sale. Considering a lot of people will have bumper covers painted before dale or trade anyways to help clean the car up.

Whoa!!!! If the OP takes the money and does NOT fix the car, exactly how is he screwing somebody????? It's the OP's choice to fix HIS car or repair. The repair cost is owed to the OP regardless of repair or not. Bill

 

[buildmyown]

Whoa!!!! If the OP takes the money and does NOT fix the car, exactly how is he screwing somebody????? It's the OP's choice to fix HIS car or repair. The repair cost is owed to the OP regardless of repair or not. Bill

Yes the money to repair the car is owed no matter what I agree with that. The point I was trying to make is this, he takes the money and puts it in his pocket not fixing the car now his insurance company is under the impression that they are still insuring a clean car with no damage. Not all states or insurance companys require a reinspection after a repair is made. Also the loan company if he has a note on it. The loan company thinks they are holding paper on a clean car but if something happens like a repo or a major accident now the company is holding paper on a car that is worth less because of a repair that was never made. that the point I was trying to make.

 

[evildky]

insurance companies are evil and they ****, I was rearended in my truck when it was about 1 month old, I asked about diminished value and they wanted me to get appraisals, the dealer refused to put their name on anything but they said it's the difference between good trade in value and fair because excellent does not exist

 

[pop pop]

1. Check with your State Insurance Commissioner's Office re; DV.
2. DV is payable in all states not having no fault insurance, maybe there too.
3. DV is payable for third party damage in all states, period
4. DV is payable for first party (your insurance, your accident fault) in few states - Ga. and one midwest state as I recall.
5. To determine DV, you will need an appraisal done by a reputable appraiser that will withstandstand examination. Your insurance can provide references, don't search the internet, don't accept car dealers estimates.
6. DV is the loss in value of your vehicle, after repairs, caused by the accident. It is real money.
7. Almost every insurance claims agent will tell you they don't pay DV. They lie. They all pay it. Research 2003 Ga. State Supreme Court Decision.
8. Using the above information, I have collected $6,750 from a $7500 repair cost accident on an 08 model vehicle. The information was given me by my lawyer, you can trust it.

Good luck.

 

[pop pop]

Yes the money to repair the car is owed no matter what I agree with that. The point I was trying to make is this, he takes the money and puts it in his pocket not fixing the car now his insurance company is under the impression that they are still insuring a clean car with no damage. Not all states or insurance companys require a reinspection after a repair is made. Also the loan company if he has a note on it. The loan company thinks they are holding paper on a clean car but if something happens like a repo or a major accident now the company is holding paper on a car that is worth less because of a repair that was never made. that the point I was trying to make.

Unless he owns clear title to the vehicle being repaired, the payment will be codrafted to the leinholder. It will be repaired or no payment made. The remainder of what you say is true.